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Campbell's fiscal Q3 2026 showed early signs of stabilization without escaping its broader pressures: GAAP net sales declined 4.4% and GAAP operating income fell 22.4%, with Snacks EBIT margin recovering sequentially from a little over 7% to about 10% but still down around 400 basis points year-over-year. Management pointed to genuine bright spots, including the Goldfish core stabilizing, Fresh Bakery execution improving, and resilient at-home cooking demand lifting Meals & Beverages and Rao's, with RGM-driven trade optimization aiding margins. The CFO lowered the full-year outlook again, guiding adjusted EPS to more $2.20 to below and net sales to the lower end of minus 1% to minus 2%, and flagged an incremental 2% to 3% of next-year inflation on top of a 3% baseline if oil holds near $100 a barrel. Capital allocation turned defensive, with buybacks gone, the dividend held flat, M&A off the table, and hybrid debt under consideration to protect the investment-grade rating.
Demand | Margin | Competitive Dynamics | Pricing | Guidance Reliability | Cost Pressure | Revenue Growth | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 3 | 2 | 3 | 3 | 1 | 1 | 3 | |
| 2025Q2 | 3 | 3 | 2 | 1 | 3 | 1 | 1 | 1 |
| 2025Q3 | 4 | 2 | 2 | 1 | 2 | 1 | 1 | 2 |
| 2025Q4 | 3 | 2 | 1 | 1 | 1 | 2 | 2 | 4 |
| 2026Q1 | 3 | 2 | 2 | 1 | 1 | |||
| 2026Q2 | 6 | 6 | 5 | 4 | 4 | 1 | 1 | |
| 2026Q3 | 4 | 3 | 2 | 3 | 1 | 4 | 2 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 3 | 3 | 4 | 3 | 3 | 6 | 4 |
| Margin | 2 | 3 | 2 | 2 | 2 | 6 | 3 |
| Competitive Dynamics | 3 | 2 | 2 | 1 | 2 | 5 | 2 |
| Pricing | 3 | 1 | 1 | 1 | 1 | 4 | 3 |
| Guidance Reliability | 1 | 3 | 2 | 1 | 4 | 1 | |
| Cost Pressure | 1 | 1 | 1 | 2 | 1 | 1 | 4 |
| Revenue Growth | 3 | 1 | 1 | 2 | 1 | 2 | |
| Trade Tariffs | 1 | 2 | 4 | 2 |
Calendar quarter Q2 2026Earnings call Jun 8, 2026
FY2026 Q3 in brief
Campbell's fiscal Q3 2026 showed early signs of stabilization without escaping its broader pressures: GAAP net sales declined 4.4% and GAAP operating income fell 22.4%, with Snacks EBIT margin recovering sequentially from a little over 7% to about 10% but…
Newest quarter is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Campbell Soup Company (CPB), FY2026 Q3: 1/10. Scores: Campbell Soup Company’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CPB daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Peter Galbo | Bank of America | 13 questions · 15% challenging |
| Andrew Lazar | Barclays | 11 questions · 9% challenging |
| Jim Salera | Stephens | 9 questions · 0% challenging |
| Rob Moskow | TD Cowen | 9 questions · 33% challenging |
| Tom Palmer | JPMorgan | 9 questions · 0% challenging |
| Dave Palmer | Evercore ISI | 7 questions · 14% challenging |
| Megan Alexander |
GAAP revenue YoY -4.40% → base 4. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Morgan Stanley |
| 6 questions · 17% challenging |
| Ken Goldman | JPMorgan | 6 questions · 33% challenging |
| Michael Lavery | Piper Sandler | 5 questions · 20% challenging |
| Chris Carey | Wells Fargo | 5 questions · 20% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 analysts | 15 questions · 13% challenging |
| Bank of America | 1 analyst | 13 questions · 15% challenging |
| Barclays | 1 analyst | 11 questions · 9% challenging |
| Stephens | 1 analyst | 9 questions · 0% challenging |
| TD Cowen | 1 analyst | 9 questions · 33% challenging |
| Evercore ISI | 1 analyst | 7 questions · 14% challenging |
| Morgan Stanley | 1 analyst | 6 questions · 17% challenging |
| Piper Sandler | 1 analyst | 5 questions · 20% challenging |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $2.77B | +10.1% | $0.72 | -7.7% | 31.3% | 14.3% | 7.9% | $115M |
| FY2025 Q2 | $2.69B | +9.3% | $0.58 | -14.7% | 30.5% | 13.2% | 6.4% | $411M |
| FY2025 Q3 | $2.48B | +4.5% | $0.22 | -50.0% | 29.4% | 12.4% | 2.7% | $50M |
| FY2025 Q4 | $2.32B | +1.2% | $0.49 | +4951.5% | 30.4% | 12.7% | 6.2% | $129M |
| FY2026 Q1 | $2.68B | -3.4% | $0.65 | -9.7% | 29.6% | 12.6% | 7.2% | $97M |
| FY2026 Q2 | $2.56B | -4.5% | $0.48 | -17.2% | 28.0% | 10.6% | 5.7% | $643M |
| FY2026 Q3Selected | $2.37B | -4.4% | $0.41 | +86.4% | 27.5% | 10.1% | 5.2% | $29M |
| FY2026 Q4 | $2.14B | -7.9% | $-0.23 | -146.9% | 27.3% | 0.2% | -2.8% | $73M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CPB Campbell Soup Company | 1 | -4.4% | |
| CAG Conagra Brands | 6 | +3.6% | |
| GIS General Mills | 6 | +1.2% | |
| HRL Hormel Foods | 6 | +2.5% | |
| KHC Kraft Heinz | 4 | -1.4% | |
| MKC McCormick & Company | 6 | +16.7% | |
| SJM J.M. Smucker Company (The) | 8 | +5.8% |